Has anyone tried to money transfer card to save on existing debt

Tryingtomoveout

Hi

After reading this article - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
I decided to see whether this money transfer could save me some money on my loans and interest.

So I applied for the fluid card (which offers transfers at a 4.4% fee, and 0% for 29 months) I was not eligible for the card with the 2.2% fee. I have been given a credit limit of £2000

I am now in the process of trying to work out whether it will be worth it....

So assuming I transfer £1850 into my current account, I will pay a charge of £74.

Outstanding Loans:
Loan 1: £988 - I have looked into this, and if I pay this off in full now I will save around £85 in interest.

I have two other loans, one approx £1200 and one approx £900. I have requested an early settlement quote for the smaller one.
I hope to be able to clear the small loan, with the remainder of the cc money transfer and probably 100-200 of my own money.
That would then leave me with only one loan, and so I could make big overpayments on it and clear it within 3 months....

I also have a £2000 overdraft, and by the end of the month I am eating into around 1000-1500 of it. The overdraft is fee/interest free up-to 1500 so it is probably the last debt I will clear.

Because the 0% runs for 29months, I would only start making more than the minimum payment after I have cleared the final loan and the overdraft (realistically would take me about 5 months from now). I realise I'd still have around £1800 on the cc but somehow it just seems much more preferable to me...

At the moment, £500 goes a month in loan repayments.. So in that case, I should be able to clear a debt of 1800 in a further 4 months.

In the grand scheme of things it will probably only save me 50-100 pounds, but somehow it seems preferable to my situation at the moment.

Sorry if this post has gone on and on a bit...but i would be happy to hear advice from anyone who has used money transfer cards to save money on their debt. I know it will take some organising and ofcourse the very first thing I do will be to set up the direct debit for minimum repayment!

Hope to hear some opinions xx

[Deleted User]

Also watching this thread with interest, as I was only yesterday considering doing the same with my overdraft. Not sure where to start though, or which card to consider! :-)

grumbler

>> Balance Transfer Calc

Use it separately for each loan.

jamesd

It's worth it if the loan interest rates are higher than the effective interest rate of using the card. That's something less than 2.5%, perhaps less than 2%, depending on just what the minimum payments on the card are.

You also have the option of getting a 0% for purchases card. No fee and you can achieve the same effect more slowly by putting all possible day to day spending on the credit card while you use the same amount of your income to make regular overpayments on the most expensive loan first.